On 12/22/2017, the Tax Cuts and Jobs Act was signed into law. The provisions in this bill generally affect tax years 2018-2025. A summary of the bill's tax provisions are provided below. The full bill, titled H.R.1 - An Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 can be viewed on the CONGRESS.GOV website.
This bill amends the Internal Revenue Code to reduce tax rates and modify policies, credits, and deductions for individuals and businesses.
With respect to individuals, the bill:
For businesses, the bill:
The bill also repeals or modifies several additional credits and deductions for individuals and businesses.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.